501 Park AvePortsmouth, RI 02871

Property Details for 501 Park Ave

Year built

1950

Construction

FRAME

Lot size

0.13 AC

Property size (Sq ft)

1,449 SF

Zone code

C

Property type

Other commercial real estate

Property subtype

Showrooms

APN

PORT M:021 B:0160

APU

PORTM021B0160

Description

This exceptional restaurant property at 501 Park Avenue in Portsmouth, Rhode Island, presents a unique investment opportunity. Situated on a 0.34-acre lot, the 1,449 square foot building enjoys a highly desirable location near popular Portsmouth beaches, ensuring a consistent flow of both local and tourist clientele throughout the year. The well-established business boasts a loyal customer base and a proven track record of strong financial performance. The interior features an inviting dining room with seating for over 50 guests, complemented by a full-service bar. Adding to its appeal is a spacious outdoor patio, providing additional seating for 30+ patrons, ideal for enjoying the pleasant Rhode Island weather. Its convenient proximity to Route 24 ensures easy accessibility for customers. This turnkey operation offers significant potential for growth through extended operating hours and menu diversification, allowing a new owner to capitalize on the existing strong foundation and further enhance profitability. The property is priced at $1,200,000 and represents a compelling investment in a thriving coastal community. This is a rare chance to acquire a successful, established restaurant with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $352,158

  6.5%

  $325,069

  7%

  $301,849

• Comparable approach

  Method

  Valuation

  Relative Method

  $477,102

  Geo Method

  $477,102

• Alternative Use

  Use

  Valuation

  Residential

  $274,207

  Hospitality

  $251,173

  Educational

  $208,973

  Medical

  $216,160

  Retail

  $325,069

Location Insight

City

Portsmouth

County

Newport

State

Rhode Island

Latitude

41.6234

Longitude

-71.2271

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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